THE Zambia National Commercial Bank Plc (Zanaco) produced strong results for the financial year ended December 31 2014.
The bank achieved profit before tax and exceptional item of K318 million, an increase of 20.4 per cent on the previous year.
This was according to a statement released by the bank at the weekend.
The statement stated that the performance was driven by customer acquisition, balance sheet growth with key focus on driving transactional volumes using its distribution channels, particularly
electronic channels.
This resulted in year-on-year growth in total income of 16 per cent mainly attributed to an increase in interest income on loans and advances, compounded by a 14 per cent growth in fee and commission income.